Moscow. Russian President Vladimir Putin declared on Friday that the BRICS group is open to accepting new members and that no country wishing to join would be excluded.
The Kremlin leader also told reporters that cooperation between Russia and China is one of the main factors in promoting global stability.
Putin will host a summit next week of the BRICS countries, an acronym for the group of emerging economies: Brazil, Russia, India, China and South Africa. The grouping has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates.
Russia is proposing to BRICS countries the creation of a grain exchange that would give Moscow greater control over international prices for its agricultural exports, ahead of a summit of the group attended by the leaders of the world’s largest grain producers and buyers. cereals.
Dissatisfied with low world wheat prices, Russia – the world’s largest exporter of wheat – has attempted to limit exports at low prices through international intermediaries. On October 11, Moscow recommended its main exporters avoid selling wheat below $250 in international tenders.
In order to ensure efficient, uninterrupted and transparent cross-border trade in raw materials, the Russian BRICS Presidency proposes to establish a trading platform within the framework of the BRICS Grain Exchange
says a document drawn up by the Central Bank and the Ministry of Finance of Russia before the summit.
President Vladimir Putin wants to build BRICS as a counterweight to the West in global politics and trade.
Russia’s proposal also recommends the creation of a BRICS agency tasked with providing pricing methodologies and market analysis to offer an alternative to current international pricing through established Western exchanges.
The proposal plans to extend BRICS grain trading mechanisms to oil, natural gas and gold in the future.
This measure will guarantee independent pricing and reinforce the sovereignty of the BRICS economies
the document states.
Oil-rich developing nations, including BRICS members Russia and Iran, have gained substantial control over global oil prices thanks to the OPEC+ deal. However, some experts are skeptical about the BRICS’ ability to influence prices of other commodities.